Headlines

Swiss company Meyer Burger has filed for voluntary chapter 11 bankruptcy relief in the United States, the solar panel manufacturer said in a court filing on Wednesday, Reuters reported. Meyer Burger's operations in both Europe and the United States have struggled to compete with cheaper products imported from Asia, piling pressure on the company. Late last month the firm announced it was shutting down its U.S. factory in Arizona due to financial difficulties, and soon afterwards filed for insolvency for its German subsidiaries. In its U.S.

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The European Union plans to impose retaliatory tariffs on US imports, including on Boeing Co. (BA) aircraft, if President Donald Trump puts a baseline levy on the bloc’s goods as many expect, Bloomberg News reported. EU officials expect the US to keep some duties in place, even after trade negotiations are concluded. Until now, the European Commission, which handles trade matters for the EU, hasn’t indicated if that would trigger retaliation from the bloc.
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Thailand’s central bank held interest rates steady amid renewed political tensions at home and growing uncertainty abroad, the Wall Street Journal reported. The Bank of Thailand’s monetary policy committee voted six to one to maintain its policy rate at 1.75%, following two consecutive cuts. One member voted in favor of easing. Noting that its previous cuts have “already provided some cushion against the prevailing risks,” the central bank highlighted risks related to U.S.
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Premier Li Qiang has projected confidence that China can turn consumption into a driver for the economy, while also portraying his nation as a stabilizing force in a rapidly shifting global trade landscape, Bloomberg News reported. Policymakers were growing the nation “into a mega-sized consumer powerhouse on top of its solid foundation as a manufacturing power,” Li said in a speech at the World Economic Forum’s meeting in Tianjin on Wednesday.
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Inflation in Canada steadied in May as drivers paid less at the pump and hefty rent increases continued to cool, though the central bank may still lack a clear enough signal to cut interest rates again, the Wall Street Journal reported. The consumer-price index rose a slightly hotter-than-anticipated 0.6% for the month to leave annual inflation unchanged at an as-expected 1.7%, a second straight month below the Bank of Canada’s 2% target, thanks in large part to the scrapping of a carbon tax in April, Statistics Canada data released Tuesday showed.
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Inflation pressures across the Australian economy continued to abate in May, setting the stage for a third cut in interest rates by the Reserve Bank of Australia next month, the Wall Street Journal reported. The monthly CPI indicator rose by just 2.1% in the 12 months to May, following a 2.4% rise in the 12 months to April. Annual trimmed mean inflation was 2.4% in May, down from 2.8% in April. The RBA cut interest rates by 25 basis points in May, highlighting the growing risks to world growth from the U.S. policy on tariffs and rising geopolitical risks.
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The Bank of Japan should consider additional interest-rate hikes without delay, board member Naoki Tamura said, as it could hit its inflation target sooner than expected, the Wall Street Journal reported. “My basic thinking is that the bank will analyze the data and various information without preconceptions, and will accordingly raise the policy interest rate and adjust the degree of monetary accommodation in a timely and appropriate manner in line with improvements in economic activity and prices, without haste or delay,” he said Wednesday.
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Demand for stablecoins has risen significantly but the crypto assets shouldn’t be the mainstay of the future monetary system, a group representing the world’s top central banks said, the Wall Street Journal reported. Stablecoins, a cryptocurrency pegged to a traditional asset class such as the dollar, fall short of the requirements needed to ensure sound monetary arrangements, the annual economic report of Switzerland-based Bank for International Settlements said. The BIS’s members include the Federal Reserve, the Bank of Japan and the European Central Bank.
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Australia's financial crimes monitoring agency said on Wednesday that it has identified 90 scam victims, money mules and suspected offenders as the top crypto ATM users in the country, amid efforts to address crimes enabled by digital currency, Reuters reported. A nationwide operation led by the Australian Transaction Reports and Analysis Centre (AUSTRAC) examined the most prolific crypto ATM users in each state, and based on the transaction values, identified cases likely linked to scams or fraud.
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Monte dei Paschi di Siena said on Wednesday the European Central Bank had approved its proposed acquisition of rival Mediobanca, including under a scenario in which it gains a stake of less than 50% in the rival, Reuters reported. The ECB approval paves the way for Monte dei Paschi (MPS) to formally launch the offer next month, inviting Mediobanca shareholders to tender their shares.

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